South Korean Gov’t May Introduce Capital Gains Tax on Crypto Earnings

South Korean Gov’t May Introduce Capital Gains Tax on Crypto Earnings 101 Source: Adobe/Henning Marquardt.

The South Korean government might introduce capital gains tax on crypto earnings– and may reveal its propositions as early as next month.

Per a report from Digital Today, the South Korean Ministry of Economy and Financing is seriously thinking about enforcing the very same sort of tax rules on crypto earnings as those it currently utilizes to tax lotto profits and stock market trade- produced earnings.

Such earnings are currently taxed on a moving scale, at a rate of in between 6% and 42%.

The ministry will likely provide any changes it wishes to make to existing tax laws in July. These would then be sent to the National Assembly in September, and if passed, would enter into effect 12 months later on.

The very same media outlet estimates a Ministry of Financing representative as mentioning that “specific details regarding the taxation of provisional income have not yet been decided upon.”

As formerly reported, government bodies ended last month with more discuss crypto taxes, and it appears that the ministry– in addition to others– are now firming their resolve to introduce tax for crypto-related earnings.

Nevertheless, Digital Today estimates an unnamed crypto market expert as warning that the propositions would include keeping an eye on exchanges, however would likely just prosper in tracking down financiers with really high quantities of cryptoassets.

The expert specified that taxing big earners would merely “lead them to exit the market.”

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